Arab countries’ trade amounted to $2.7 trillion in 2014, accounting for 5.6 per cent of total global trade and up by 2.2 per cent or $57 billion compared with the figures recorded in 2013.
Arab trade means the value of imports and exports by Arab countries with the rest of the world.
Earlier, a number of sources projected Arab trade to grow by 4.3 per cent or $114bn in 2014 to a total of $2.783trn, according to a report by Al Eqtisadiah.
Arab countries’ exports dropped by 5.1 per cent in 2014 to $1.497trn, accounting for 6.2 per cent of total global exports. The value was $1.502trn in 2013.
Arab countries’ contribution to global trade stood at an average of 4.3 per cent during the 2000-2010 period, rising to 5.6 per cent in 2014 and throughout this year.
Saudi Arabia’s share of pan-Arab trade was the largest, comprising 26 per cent or $387.3bn of all Arab countries’ trade.
Meanwhile, Arab countries’ imports in 2014 edged up by 5.6 per cent or $61.8bn to reach a total of $1.172trn, accounting for five per cent of global imports. Arab countries’ imports stood at $1.11trn in 2013.
According to forecasts, imports by Arab countries are set to expand by 6.2 per cent or $73bn this year to reach a total of $1.245trn.
($1 = AED3.67, at the time of publishing)